The Ramblings of Madness

orangesmartie

This is a thread for me to keep a track of my finances. I have spent all evening going through all my bank statements for a year and jotting down every expense I can track. Cash withdrawals are marked as those as I can't remember what the momeny was spent on:o. I now keep a spending diary to keep track of those pesky pennies.

I've totalled each budget line and divided by 12 to give me an average cost per month. Obviously some months were more expensive than others.

Light bulb moment was end of July 2010 and I have gradually been changing over suppliers to reduce costs, the effects are yet to be felt.

I live in a new build property which has not had the utility meters properly registered. According to the powers that be, my house doesn't exist so they don't bill me. I put £50 aside each month to cover these costs when they eventually catch up.

I am also an external student studying for a degree, which means I have uni fees, books and travel expenses to Uni on weekends to pay for.

I will add notes to my SOA and update it probably on a monthly basis to see if I am making progress.

I am aiming to get debt free for this time next year in preparation for a move abroad.

I overpay on my credit card by about 230 per month in the aim of paying it off before the 0% is up.

I don't seem too short of money at the end of the month, i always seem to have a little to waste (because it burns a hole in my pocket ).

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1651.36
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 130Reimburses all petrol costs
Total monthly income.................... 1781.36

Monthly Expense Details
Mortgage................................ 267.7
Secured/HP loan repayments.............. 109.69999999999999
Rent.................................... 245.05 Shared ownership Property
Management charge (leasehold property).. 0
Council tax............................. 78.23 Inc Single Person discount
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15.5
Telephone (land line).............. 9.04 Switched from BT to Primus
Mobile phone............................ 37.85 Dropped to £18 tariff. Work pays £8 towards this cost
TV Licence.............................. 12.88
Satellite/Cable TV...................... 37.3 Did Inc BB/Calls/TV. Now just TV and got half price discount. Sky currently owe me money
Internet Services....................... 0
Groceries etc. ......................... 170.55
Clothing................................ 24.54
Petrol/diesel........................... 32.56
Road tax................................ 7.5
Car Insurance........................... 56.95 inc AA membership
Car maintenance (including MOT)......... 5.75
Car parking............................. 5.6
Other travel............................ 4.01
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4.37
Pet insurance/vet bills................. 94.75 inc Dog walker, food, vet bills and insurance costs
Buildings insurance..................... 0
Contents insurance...................... 10.8
Life assurance ......................... 0
Other insurance......................... 72 Appliances; boiler; mobile (now cx); mortgage protection
Presents (birthday, christmas etc)...... 12.62
Haircuts................................ 15
Entertainment........................... 31.29
Holiday................................. 18.44
Emergency fund.......................... 50
Total monthly expenses.................. 1429.98


Assets
Cash.................................... 0
House value (Gross)..................... 107500
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 112000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36500....(267.7)....3.7
Hire Purchase (HP) debt ...... 1572.....(109.7)....12.9
Total secured & HP debts...... 38072.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Loan....................2357......59.78.....12.9 Minimum payment
Amazon Card....................4700......50........18.9 Minimum payment
Overdraft......................1400......5.........18.9Minimum payment
Total unsecured debts..........8457......114.78....-


Monthly Budget Summary
Total monthly income.................... 1,781.36
Expenses (including HP & secured debts). 1,429.98
Available for debt repayments........... 351.38
Monthly UNsecured debt repayments....... 114.78
Amount left after debt repayments....... 236.6 Used for overpayments

Personal Balance Sheet Summary
Total assets (things you own)........... 112,000
Total HP & Secured debt................. -38,072
Total Unsecured debt.................... -8,457
Net Assets.............................. 65,471

orangesmartie

Just realised I did 13 months worth of sending breakdown, but only divided by 12. I blame the late night.

A redone SOA, divided by 13 and with more categories.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1651.36
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 130
Total monthly income.................... 1781.36

Monthly Expense Details
Mortgage................................ 247.7
Secured/HP loan repayments.............. 109.69999999999999
Rent.................................... 226.21
Management charge (leasehold property).. 0
Council tax............................. 72.21
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 14.3
Telephone (land line)................... 8.34
Mobile phone............................ 34.94
TV Licence.............................. 11.89
Satellite/Cable TV...................... 34.43
Internet Services....................... 0
Groceries etc. ......................... 157.43
Clothing................................ 22.62
Petrol/diesel........................... 30.06
Road tax................................ 7.5
Car Insurance........................... 52.57
Car maintenance (including MOT)......... 5.75
Car parking............................. 5.6
Other travel............................ 4.01
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4.37
Pet insurance/vet bills................. 72.21
Buildings insurance..................... 0
Contents insurance...................... 10.8
Life assurance ......................... 0
Other insurance......................... 67.14
Presents (birthday, christmas etc)...... 12.62
Haircuts................................ 14.05
Entertainment........................... 31.29
Holiday................................. 18.44
Emergency fund.......................... 50
Uni Hotels.............................. 17.59
Takeaways............................... 21.47
Stationery (Uni)........................ 10
Starbucks (now stopped)................. 2.11
Contact Lenses.......................... 15
Haircuts................................ 14.05
Toiletries.............................. 37.9
Magazines............................... 3.21
Uni .................................... 45
Account Fees and Interest............... 6.23
Total monthly expenses.................. 1498.74


Assets
Cash.................................... 0
House value (Gross)..................... 107500
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 112000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 36500....(247.7)....3.7
Hire Purchase (HP) debt ...... 1572.....(109.7)....12.9
Total secured & HP debts...... 38072.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds Loan....................2357......59.78.....12.9
Amazon Card....................4700......50........0
Overdraft......................1400......0.........12.9
Total unsecured debts..........8457......109.78....-


Monthly Budget Summary
Total monthly income.................... 1,781.36
Expenses (including HP & secured debts). 1,498.74
Available for debt repayments........... 282.62
Monthly UNsecured debt repayments....... 109.78
Amount left after debt repayments....... 172.84

Personal Balance Sheet Summary
Total assets (things you own)........... 112,000
Total HP & Secured debt................. -38,072
Total Unsecured debt.................... -8,457
Net Assets.............................. 65,471


Plenty of scope to make further savings within this lot.

orangesmartie

29/10/2010: Plan
Open a co-op cash minder account and have all direct debits transferred to new account.
Arrange salary to be paid into oop account.
Arrange standing order to pay off overdraft in Barclays account.
Arrange standing order for amount of money to be transferred to Lloyds for use with grociers/petrol/day to day expenditure.

My car will be paid off next year.

beanielou

Hope it all goes to plan for you.

orangesmartie

beanielou wrote: »

Hope it all goes to plan for you.

Thanks I hope so too!

orangesmartie

Just to remind myself why I am living such a frugal existence: To make a better life for myself.

Discussion with mum last night over finances and reaffirmed plan. Need to look at the other luxuries such as haircut and sky. Think I will have to bite the bullet and have my hair dyed darker and thereby reducing the frequency i need to visit the hairdresser.

Redid Car insurance this week, got that down to 31 per month plus £40, effectively making it about £28 per month. Not bad.

Still waiting on details from the co-op bank to move stuff over. getting a bit antsy about it, I want it done.

Unfortunately not a good week study wise, so will have to shuit myself in the library for the next three days.

orangesmartie

Just paid £437.28 off my credit card, bringing it under £4,500!!

Money was made up of:

£150 I got from some freelance work
£130 expenses from work
£18.64 from ebay
£120 from the emergency fund which i set aside for Vet fees. Vet actually cost me less than the excess on the pet insurance, so might as well put it to good use!

Feels good to do that!

Am hoping to come in under budget for the entire month and be able to pay off a bit more.

orangesmartie

Cancelled some rather useless appliance insurances, so that's another £20 a month to chuck at my debts.

orangesmartie

had a couple of bad days. Had to buy sandwiches on the hop after short notice changes of plan and yesterday had a naughty trip to tesco.

Have also spent £100 on a wake up light and a SAD lamp. Really feel these are required because I am struggling with the darkness this year.

Total debt stands at under £9,500 *sigh*. the car will be paid off in September next year, although I am debating early settlement on the car via credit card and chuck extra money at that as its 0% until March.

new account is finally set up and DDs transferred over so hopefully will be in a better position at the end of this month to know exactly what money is left.

feeling a bit fed up today, but i think its the darkness.

BEAT_THE_DEBT

Dont get down hearted you are doing so well be proud of yourself for taking control.xx

beanielou

Keep plodding!